Replace your old content with unique new content and start using only whitehat techniques. Check your back links and remove spamy links now, start building quality back links, soon you can see your rankings back

You got slapped because your link building looked extremely unnatural. You need to remove the bad links that you can (probably not possible, so that sucks) and then slowly overwhelm the bad quality linking and anchor text with the correct natural looking strategy. This means HQ links, natural anchor strategy, dripping links correctly. And even IF you pull this off you won't recover from this until Google rolls over to the next version of Penguin. All the white hats BS in the world can't change that.

Strange people are giving out guidance without knowing what your website had done wrong in the first place. There is no white or black hat, its all shady, grey stuff. What was your link building like, what is your content like? How much have you lost your rankings?

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